Banan profit rises 2% to SAR 28.8M in 2023

20/02/2024 Argaam Exclusive

Banan Real Estate Co. reported a net profit of SAR 28.8 million for 2023, a 2% increase from SAR 28.2 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 59.30 65.97 11.3 %
Gross Income 47.94 52.74 10.0 %
Operating Income 42.71 46.01 7.7 %
Net Income 28.22 28.77 2.0 %
Average Shares 200.00 200.00 -
EPS (Riyals) 0.14 0.14 2.0 %

The profit growth was attributed to a rise in revenues by SAR 6.67 million and an increase in the company’s earnings from joint ventures by SAR 2.02 million in 2023.

 

However, this was offset by a SAR 1.87 million hike in the cost of revenues for the same year.

 

In addition, the company cited last year an increase in the general and administrative expenses by SAR 2.84 million due to its application to transition to the main market, TASI.

 

Total shareholders’ equity, excluding minority interest, reached SAR 379 million by the end of 2023, compared with SAR 354.1 million a year ago.

 

Banan’s Interim Financials

Period

Revenue

(SAR mln)

Net Profit

(SAR mln)

EPS

(SAR)

H1 2020

6.25

8.46

0.04

H2 2020

6.24

8.04

0.04

H1 2021

8.92

12.91

0.06

H2 2021

9.98

11.42

0.06

H1 2022

31.07

14.98

0.07

H2 2022

28.22

13.24

0.07

H1 2023

32.42

13.81

0.07

H2 2023

33.55

14.96

0.07


Current Half Annual Comparison (M)

Compared With The
Item H2 2022 H2 2023 Change‬
Revenues 28.22 33.56 18.9 %
Gross Income 23.69 26.95 13.8 %
Operating Income 22.11 22.81 3.2 %
Net Income 13.24 14.96 13.0 %
Average Shares 200.00 200.00 -
EPS (Riyals) 0.07 0.07 13.0 %

 

View More Financial Results

 

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Share Price

Banan Real Estate Co.
7.38
(0.17) (2.25 %)

Banan Real Estate Co. (BANAN)

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Financial Ratios
Current
Market Cap (M Riyal) 1,476.00
Enterprise Value (EV) (M) 1,699.76
Shares Outstanding ((M)) 200.00
Book Value (BV) ( Riyal) 1.90
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) More than 100
Price/book 3.89
more


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 6.25 - 4.97 - 3.35 -
H2 2020 6.24 - 5.83 - 4.63 -
H1 2021 8.92 42.7 % 7.66 54.1 % 6.03 80.2 %
H2 2021 9.99 60.0 % 8.65 48.4 % 6.35 37.2 %
H1 2022 31.07 248.5 % 24.26 216.7 % 20.60 241.6 %
H2 2022 28.22 182.6 % 23.69 173.9 % 22.11 248.1 %
H1 2023 32.42 4.3 % 25.79 6.3 % 23.20 12.6 %
H2 2023 33.56 18.9 % 26.95 13.8 % 22.81 3.2 %
2023 65.97 11.3 % 52.74 10.0 % 46.01 7.7 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 8.46 - 0.04 - 8.46 0.04
H2 2020 8.04 - 0.04 - 8.04 0.04
H1 2021 12.91 52.6 % 0.06 - 12.91 0.06
H2 2021 11.42 42.1 % 0.06 - 11.42 0.06
H1 2022 14.98 16.0 % 0.07 2.06 12.92 0.06
H2 2022 13.24 16.0 % 0.07 1.73 11.51 0.06
H1 2023 13.81 (7.8 %) 0.07 - 13.81 0.07
H2 2023 14.96 13.0 % 0.07 - 14.96 0.07
2023 28.77 2.0 % 0.14 - 28.77 0.14

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 86.44 % 84.98 % 132.10 %
H1 2021 88.98 % 87.62 % 138.21 %
H2 2021 86.27 % 79.40 % 128.71 %
H1 2022 80.14 % 77.23 % 59.27 %
H2 2022 80.86 % 84.06 % 41.20 %
H1 2023 81.60 % 86.64 % 41.76 %
H2 2023 79.95 % 81.30 % 43.60 %
2023 79.95 % 81.30 % 43.60 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
H1 2014 - - - -
H2 2014 - - - -
H1 2015 - - - -
H2 2015 - - - -
H1 2016 - - - -
H2 2016 - - - -
H1 2017 - - - -
H2 2017 - - - -
H1 2018 - - - -
H2 2018 - - - -
H1 2019 - - - -
H2 2019 - - - -
H1 2020 200.00 - - -
H2 2020 200.00 0.08 0.08 1.60
H1 2021 200.00 0.10 0.10 1.69
H2 2021 200.00 0.12 0.12 1.69
H1 2022 200.00 0.13 0.12 1.73
H2 2022 200.00 0.14 0.12 1.77
H1 2023 200.00 0.14 0.13 1.84
H2 2023 200.00 0.14 0.14 1.90

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 47.60 47.60 3.42
H1 2022 40.16 43.56 3.06
H2 2022 41.11 47.49 3.28
H1 2023 57.45 61.37 4.22
H2 2023 43.66 43.66 3.31

Business Segments (Million)

Compared With The
Period Leasing revenue Revenue on sale of investment properties
Q2 2022 26.91 4.17
Q4 2022 28.22 -
Q2 2023 29.61 2.80
Q4 2023 31.38 2.17

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